Materion (MTRN) FY2023 results: revenue $1.7 billion, down 5.2% on the year

Materion Corp. (MTRN) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, down 5.2% on the year before. Net income was $96 million, up 11.3%, and diluted earnings per share $4.58. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$1.7 billion

-5.2% on the year

FY2016FY2023

Operating margin

8.2%

6.8% a year earlier

FY2016FY2023

Net income

$96 million

+11.3% on the year

FY2016FY2023

Diluted EPS

$4.58

+10.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,665	1,757	1,511	-5.2%
Cost of revenue	1,316	1,413	1,227	-6.9%
Gross profit	349	344	284	+1.5%
Gross margin	21.0%	19.6%	18.8%
Research and development	27.5	29.0	26.6	-5.0%
Selling, general and administrative	158	169	164	-6.7%
Operating income	136	120	77.1	+13.9%
Operating margin	8.2%	6.8%	5.1%
Interest expense	31.3	21.9	n/a	+43.0%
Pre-tax income	108	103	77.3	+4.6%
Income tax	12.1	17.1	4.9	-29.1%
Effective tax rate	11.2%	16.6%	6.3%
Net income	95.7	86.0	72.5	+11.3%
Net margin	5.7%	4.9%	4.8%
Diluted EPS	$4.58	$4.14	$3.50	+10.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	144	116	90.2	+24.5%
Capital expenditure	111	77.6	103	+42.4%
Free cash flow	33.9	38.4	-12.7	-11.7%
Free cash flow margin	2.0%	2.2%	-0.8%
Cash from investing	-119	-79.7	-494
Cash from financing	-24.9	-35.6	393
Depreciation and amortisation	61.6	53.4	44.1	+15.4%
Share-based compensation	10.1	8.8	6.5	+14.5%
Buybacks	0.0	0.0	0.0
Dividends paid	10.6	10.2	9.7	+4.5%
Dividend per share	$0.52	$0.49	$0.47	+4.0%
Diluted shares, weighted	21m	21m	21m	+0.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	885	800	720	+10.6%
Debt	429	436	455	-1.6%
Operating lease liabilities	53.8	59.1	57.1	-8.9%
Finance lease liabilities	13.7	13.9	16.3	-1.0%
Other liabilities	381	383	359	-0.6%
Total liabilities and equity	1,763	1,692	1,607	+4.2%
Fixed assets	515	449	409	+14.7%
Goodwill	321	319	319	+0.4%
Intangible assets	134	140	157	-4.3%
Cash and equivalents	13.3	13.1	14.5	+1.5%
Receivables	193	215	214	-10.4%
Inventory	442	423	361	+4.4%
Other assets	146	133	134	+10.0%
Total assets	1,763	1,692	1,607	+4.2%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.